Data enrichment is the process of enriching already-existing information by adding pertinent context from new sources in place of any missing or erroneous data. It is the process of enhancing, modifying, and improving raw data...
September 1, 2023
What Is Data Enrichment?
Data enrichment is the process of enriching already-existing information by adding pertinent context from new sources in place of any missing or erroneous data. It is the process of enhancing, modifying, and improving raw data, to put it simply. This is accomplished by combining first-party client data from a current database with third-party data from an independent, reliable source. Accuracy, quality, and value enhancement are the main goals of data enrichment. By integrating taxonomies, ontologies, and third-party libraries into the data processing architecture, Data Enrichment is accomplished in the Big Data diaspora. Organizations are able to provide better business decisions and individualized customer experiences when they examine trustworthy and authoritative data.
As an example, based on internal sales data, the demand for two distinct zip code locations for a meal delivery service may be equal. However, the corporation may notice a shift in the percentage of demands due to the different population counts when it enhances its existing data by obtaining demographic data for the two areas from reliable public sources. These insights might help businesses choose better marketing strategies to increase demand. To make better decisions, businesses use data enrichment to enhance the information they already have. In addition, it assists companies with the following tasks:
Establish and maintain hierarchies.
For quick data labeling and sorting, create new business rules.
Look into and handle multilingual, multi-structured data.
More effectively processing text and semi-structured data.
Optimize revenue while cutting costs.
Analyze data predictively.
How Important Is Data Enrichment?
By eliminating redundant and outdated data records, data enrichment protects businesses against data degradation. They can increase the worth and quality of their datasets and derive valuable insights from them thanks to it. Data Enrichment reduces the time and effort needed to perform the work by enabling intelligent automation. The creation of individualized services and the improvement of the entire client experience are further benefits of data enrichment for brands. In addition to increasing customer pleasure, this lowers the churn rate. By automatically analyzing data, consolidating redundant information, and deleting errors while maintaining current profiles, it can also reduce costs.
Data Enrichment's Importance for Business
For Sales Team
Enhanced Sales Process : Your salespeople have access to far more background knowledge and data that they may use as icebreakers and even selling points. For instance, your sales team can discover that James Smith, a lead, just attended a business conference where your company was a sponsor by enriching lead data. With this knowledge, the sales team can introduce the topic by mentioning the occasion and talking about the shared experience, strengthening the bond and raising the possibility of a fruitful sales process.
Simple Lead Segmentation for Better Sales Nurturing : By classifying leads according to their history and potential needs, you can create a focused strategy. For instance, your sales staff may divide leads into groups according to job descriptions, business size, or region. For instance, if your product serves both small businesses and enterprises, it will be simple to break leads into the proper sectors and adjust your nurturing strategies as necessary.
Lead qualification : The procedure is noticeably quicker and practically effortless when automated. Consider that your sales staff receives a lot of leads every day. You may automatically evaluate and qualify leads based on particular criteria like industry, firm size, or involvement level by utilizing data enrichment. Higher conversion rates are the result of your sales staff being able to prioritize their efforts and concentrate on the most promising leads.
Lead routing : According to their profile, geography, deal size, etc., salespeople should be assigned the relevant leads based on lead routing. As an example, in the enrichment of lead data, your sales team can determine that a lead named Emily Johnson is located in a particular area. With this knowledge, you can direct Emily's lead to a salesperson with expertise in that area, improving the likelihood of a tailored and pertinent sales engagement.
Personalizing approach : Personalizing approach by incorporating specific information about the lead's business, industry, etc. in marketing initiatives.
Keeps your team from utilizing obsolete, stale information: Reaching out with current, trustworthy information builds trust and solidifies relationships. By enhancing the data, you can make sure that your sales staff has access to the most current and accurate lead data. A lead's new title and employer information, for instance, can be immediately updated through data enrichment if they move jobs. This keeps your team from depending on inaccurate information that could hurt the sales process.
For Marketing Team
Improve lead generation procedure : Improve lead generation by identifying your Ideal Customer Profile (ICP) among sporadic signups or enigmatic individuals. Your marketing staff, for instance, can collect more information about leads beyond simple contact information by utilizing data enrichment technologies. This makes it possible for them to identify and target more precisely, ensuring that marketing initiatives are concentrated on the most promising leads and enhancing the results of lead creation.
To increase customer retention : Strong, rich interactions increase client motivation and loyalty, which helps to increase customer retention. Your marketing team may develop individualized and focused programs that appeal to customers thanks to data enrichment. For instance, by identifying specific hobbies or preferences of individual consumers through the enrichment of customer data, your team will be able to present relevant content and offers that strengthen relationships, increase customer motivation, and promote loyalty.
Adopt a data-driven approach : Instead of the other way around, adjust your procedures to the knowledge you already have. For the purpose of informing their strategy (Data Strategy Development), your marketing team can study and make use of useful insights.
For Revenue Team
Reducing sale expenses : Optimized sales cycles necessitate fewer sales staff, which can result in cheaper customer acquisition expenses. The sales process is optimized via data enrichment, making it possible for your revenue team to operate more effectively. Your team may focus on high-value prospects and rank leads based on their potential, eliminating the need for large sales teams and minimizing client acquisition costs.
Reduced friction : Targeted methods hasten the changeover from the interest to the consideration stages of consumer acquisition. Your revenue team's approaches to potential clients can be tailored with the help of improved lead data.
Increase conversion : Your revenue team learns more about leads and customers thanks to data enrichment. As a result, they are better able to establish lasting bonds with their clients, give individualized experiences, and offer pertinent answers. Your sales force may boost conversion rates by promoting more deals and customer retention through the use of richer data, ultimately leading to increased income for your company. Keep it straightforward: Increasing deals and retention will increase revenue.
For HR Team
Less time to hire : Less time spent conducting research and simpler hiring evaluations are two benefits of having an extended profile overview. Your HR team may rapidly obtain a thorough overview of applicants by enhancing candidate profiles. This cuts down on the amount of time needed for research and streamlines the evaluation procedure, enabling your team to pick candidates faster and with more certainty.
Better applicant experience : more time to demonstrate personality and engage in social interaction and less questions about background and experience. Your HR team may communicate with candidates more deeply thanks to data enrichment. Your team can concentrate on evaluating the candidate's personality fit, cultural fit, and growth potential because they already have access to enriched profiles that include background data, skills, and experience. As a result, candidates have a more enjoyable and engaging hiring experience since they can highlight their individual traits and engage in greater social interaction.
Wider spectrum : Lead enrichment can come from a variety of databases, allowing unforeseen profiles to be sent your way. Your HR team may reach a wider spectrum of possible prospects thanks to lead enrichment. Your team might find unexpected profiles that might have valuable talents and credentials by applying data enrichment from other sources, such as databases.
Advantages of Data Enrichment
Complete leads from several sources with data enrichment
By contributing essential knowledge to current data, data enrichment services help improve the results from that data. The information obtained from many sources, including websites, sales CRM, webinars, events, etc., is expanded and completed by it. In most cases, the data from these sources is not full, thus the trick to making it usable is to add fresh data points to it. By filling in the blanks in the data collection, a process known as data enrichment gives each lead an equal chance to generate chances and conversions.
Data enrichment synchronizes marketing and sales
Sales are the main focus in marketing, while leads are in marketing.
The marketing team makes an effort to collect lead information using the fewest possible data fields. To determine which sales representative to route that leads to, the sales team requires extra information, such as the number of employees, contact information, and the location of the company's headquarters.
Data updating can be done to add extra information against a data field once the lead has been obtained by the marketing team. As a result, the lead moves smoothly through the funnel and the two departments collaborate.
Lead qualification is enhanced through data enrichment
To reduce time and effort, the inbound lead lifecycle should be automated, including segmenting, prioritizing, and assigning. It is necessary only when comprehensive lead information is available. The following advantages are provided by data quality management, which guarantees that the appropriate data is added to the existing data set:
It examines the database for duplicate contacts.
Maintaining a hierarchy of positions inside a corporation is beneficial.
It classifies businesses according to (geography, industry, technologies, etc.)
It confirms the accuracy and quality of the data.
These details help in determining whether the lead is a qualified customer or prospective client for a business's services. In such cases, lead qualifying is straightforward, which eventually shortens the lead cycle.
Lead forms for marketers are made shorter by data enrichment
It's difficult to keep lead forms concise. The form will exclude relevant information if it is too brief. Additionally, if it is excessively lengthy, potential customers might decide not to complete it. As a result, a form must be brief and contain the necessary data to enable progressive profiling. Data enrichment services will enhance the data by updating it with correct, pertinent information after the basic fields are present.
What Steps Make Up The Data Enrichment Process?
Data Cleaning : This kind of data enrichment, also known as data cleansing services or data scrubbing, entails changing or eliminating data that are incomplete or out-of-date from the dataset. Businesses with extensive CRM databases favor this service. To use this data again for fresh marketing initiatives, it needs to be cleaned up using CRM services because it ages and becomes inaccurate over time.
Firmographic Enrichment : This requires updating data on organization-level features and properties such as sector, region, size, productivity, financial standing, etc.
Hierarchy Management : The data would be updated with the targeted business's leadership structure as part of this idea of data enrichment. Adding the point of contact's positions and grades, such as CxO, VP, Senior associate, etc.
Quality Management : This procedure makes sure that the dataset contains all the pertinent data that an organization needs. The vendor of data enrichment services assumes responsibility for maintaining the quality of the data.
Data Appending or Updation: The process of adding new data to an existing dataset to supplement or improve it is known as data appending, also known as data updating or data enrichment. This aids businesses in keeping their databases correct and current, which are essential for various company operations, analytics, and decision-making procedures.
Why Is Data Enrichment Useful?
The process of adding extra information to a dataset in order to increase its comprehensiveness, accuracy, and value is known as data enrichment. Data enrichment has a variety of applications, including:
Decrease the size of lead generation forms : Shorter and easier contact forms have a greater conversion rate. Only requesting necessary information, like a name, email address, and firm, on the initial form is possible thanks to data enrichment. Once you've acquired the lead, you can utilize data enrichment to enhance the profile by adding more specific details like a job title, phone number, company address, the number of employees, and the industry in which the business operates.
Determine and eliminate form fields that turn off users : Obtaining a phone number on a lead generation form can reduce the conversion rate by 5%, did you know? A few leads might be reluctant to divulge particular information, like their turnover, social media handles, or addresses. Instead of needing this information on the first form, data enrichment enables you to collect it separately. You might get more leads if you remove form fields that might have a negative effect on conversion rates.
Data Segmentation and Structure : Data that is disorganized or has poor formatting can be organized and structured via data enrichment. You can use data enrichment to divide up leads into groups based on shared traits by prioritizing data quality and choosing pertinent data points and sources. You can then launch tailored outreach campaigns by using these parts to make focused email lists and ad audiences.
What Different Aspects of Enriched Data?
The data may be erroneous, redundant, inconsistent, or lacking before enrichment. Or there may be instances where there is an excess of data that is unnecessary. Enriched data has six main aspects which are as follows:
Data completeness : The data set's entities should all have accurate descriptions.
Data Accuracy : The data should be accurate and correspond to real-world facts.
Timeliness : This describes how current the information is.
Uniqueness : There should be no overlaps or duplications.
Consistency : A data set's content doesn't change when it is transferred from one place to another.
Validity : How closely the data conforms to expectations.
What Kinds of Data Enrichment Are There?
Various kinds of data enrichment are utilized often today. Here are a few of them:
Contact Enrichment : Contact enrichment is the practice of adding contact information (legitimate company emails, job titles, and phone numbers) to an existing database in order to produce a comprehensive database of clients/leads.
Geographic Enrichment : This process involves adding address information, along with latitude and longitude information, to customer and contact information.
Behavioral enrichment : Behavioral enrichment is the process of examining client behavioral patterns, such as past purchases and browsing activities. This typically involves monitoring a user's purchasing patterns in order to identify important niches for each client.
Demographic Enrichment : Demographic enrichment is the practice of enhancing consumer datasets by including data such as marital status, family size, income level, credit score, etc.
What Strategies are used for Data Enrichment?
There are various strategies for data enrichment, such as:
Web Scraping: Using specialized software or programs like Piloterr, data can be collected from websites or other online sources (data scraping). Large amounts of data can be collected effectively with this method, but it can also be time-consuming and necessitate technical know-how.
Manual research: Information can be manually entered by a person into a database or spreadsheet. Although this method is rather sluggish and prone to mistakes, it can be effective for modest amounts of data.
Data Enrichment Tools: A software program or service known as a "data enrichment tool" collects, arranges, purifies, formats, and combines data from various sources. Tools for enlarging data include Clearbit, Dropcontact, and Zoominfo, for instance. Although these tools have the potential to be useful, they might be constrained by the sources and data points that are available. When it comes to choosing data points and sources, data scraping could be more flexible, but it might also take more effort and technical know-how.
Which Data Enrichment Techniques Are There?
Data Appending : Adding data to your data set allows you to merge information from several sources into a collection that is more thorough, accurate, and consistent than the sum of its parts. By merging the customer data from your CRM, financial system, and marketing system, for example, you can get a better overall picture of your client than from any one system alone.
Data Segmentation : Data segmentation is the process of dividing a data object (such as a customer, a product, or a place) into groups based on a common set of pre-defined variables (such as age, gender, and income for customers). The segmentation is then used to better correctly categorize and characterize the entity.
Derived Attributes : Derived attributes are fields that can be built from a single field or a group of fields but are not part of the initial data set. Even though it is incredibly infrequently maintained, the column "date of birth" might be used, for example, to determine age. Since derived characteristics usually contain reasoning that is applied repeatedly during analysis, they are quite useful. By developing new analyses as part of an ETL operation or at the meta-data layer, you may speed up the process of doing so while ensuring the consistency and accuracy of the measurements employed.
Data Manipulation : Data imputation is the process of replacing values for missing or inconsistent data inside fields. Instead of treating the missing number as zero, which would bias aggregations, the estimated value aids in a more accurate examination of your data. As an example: If the order's value was unknown, it might be calculated using the customer's prior purchases or the specific bundle of goods.
Entity Extraction : Entity extraction is a method for obtaining usable structured data from unstructured or semi-structured data. Entity extraction allows you to identify many types of entities, such as people, places, organizations, and concepts, as well as numerical and temporal expressions (such as dates, hours, money amounts, phone numbers, and so on).
Data categorization : Data categorization is the process of grouping unstructured data into categories so that it can be organized and analyzed.
Tools For Data Enrichment
Among the top B2B data suppliers, Cognism is a great option for data augmentation. It updates dated information in business databases and fills in any gaps, such as when prospects relocate or change jobs. Data points on tech stacks, buyer intent, company locations and sizes, mobile numbers, and other topics are included in addition to the usual ones.Furthermore, Cognism provides a Chrome extension that enables salespeople to access its GDPR-compliant database while on professional networks like LinkedIn. Users can produce information about a business or person with just one click, including details like the number of employees, location, revenue, and technologies employed, as well as business phone numbers and emails.
The extension also contains signals for intent data, which show when a prospect is prepared to make a purchase. This is tremendously helpful for salespeople to multi-thread deals, gain a stronger grip on current accounts, and learn more about inbound leads.
Depending on the preferred processes of the customer, packages are tailored. Access to Cognism's data is unlimited and included with every product.
Accessibility to Cognism's Diamond Data, a special data asset with human verification.
Data complies with CCPA and GDPR regulations.
Connects with a number of current technological solutions.
By using millions of regularly updated records, Coresignal's data provides you with a 360-degree perspective of businesses and professions. You can select from a large range of comprehensive B2B datasets and APIs with Coresignal. Twenty leading B2B data sources that provide public online data encompass all crucial facets of knowledge about businesses, their employees, occupations, tech stacks, and tech goods.
Coresignal's data is used by sales tech platforms and teams for data enrichment, intent prediction, and the generation of novel insights. By enabling businesses to assess buy intent, foresee the most effective time to contact a prospect, and create leads at scale, large datasets may fuel sales operations.
Flexible price choices according to your data requirements. There are available data samples and a free API trial.
20 public web data sources that provide powerful datasets.
Search and enrichment APIs.
According to the highest requirements for data privacy.
One of the most effective data enrichment technologies on the market for use in sales and marketing is called Clearbit. It connects to all of the major CRM systems, including Marketo, HubSpot, and Salesforce, as well as apps like Slack and Zapier to create unique processes.
Once you've linked your prospect list to Clearbit, it automatically updates every 30 days to make sure all the information in your CRM is current. You will be notified in Clearbit if a prospect you were speaking with changes jobs or relocates, allowing you to approach your subsequent interactions with full context. The integration of Clearbit with your website's contact forms allows you to automatically pass the best-fit leads to your sales team and prioritize your lead generation efforts in addition to enhancing data in your CRM to improve your outreach.
Custom pricing based on needs.
Includes a Zapier integration in addition to having integrations with all key sales tools.
Add firmographic, technological, and demographic information to your contacts.
Split leads entering your sales pipeline automatically.
One of the top B2B contact database platforms, ZoomInfo is a great choice for your data enrichment requirements. If you link your Zoom Info account to your CRM or other sales tools, you may use the data enrichment features, which will then enhance any contact details you have saved there.
In order to reveal any available information on the person or business you are researching, you can run prospects through the enrichment tool in the early phases of your prospect research. You'll receive further information on department headcounts, job titles, email addresses, phone numbers, location, firm income, and financing history, among other things. This information will enable you to tailor your outreach to each individual.
ZoomInfo is a reliable supplier for your data enrichment needs and is always adding fresh information to their contact databases. Over 4.3 million C-level contacts and 100 million verified email addresses are currently in their database.
Based on the required number of enrichment credits.
Lead enrichment in real-time after connecting to your CRM.
Access to one of the biggest commercial B2B datasets available.
Data that complies with the GDPR.
You may centralize your data on prospects and marketing contacts by using the data enrichment platform FullContact. You may obtain the contact information for each prospective customer you're speaking to or investigating thanks to its integration with your email address, social accounts, and CRMs. Once you're satisfied with the data, you may export it to a CSV file and import it into your CRM.
The business card scanner is one special feature. A prospect's business card may be scanned with the FullContact app to establish a profile and source contact information, providing you with all the details you need to prepare for your upcoming conversation.
Power users will appreciate the ability to integrate FullContact with other sales tools and create unique workflows using the API.
Custom pricing based on needs.
Real-time identification graph that links information from several web sources.
Verified data should be added to social media profiles and email contacts.
Using an OCR scanner to read business cards, you may collect prospect information.
You may enhance your CRM by using Crunchbase data with Crunchbase Enterprise. Because the platform's original product is a directory for entrepreneurs and investors to meet, it's a perfect choice if you target startups and VC-funded enterprises. You can now improve your CRM by using the extensive dataset Crunchbase has on these businesses.
You may clean up your current prospect lists to guarantee proper list hygiene using Crunchbase's data enrichment tools, and you can enrich contacts in your Salesforce pipeline utilizing the native integration. You can use a variety of filtering methods to swiftly locate the ideal targets for your next sales campaign and ensure that any company not meeting your criteria is eliminated from the platform, which offers data on fast-growing businesses in over 740 categories.
Pricing is determined by the size of the team and other factors.
Bulk CSV export of validated contacts.
Contacts in your Salesforce CRM can be improved.
Use the API to connect to any sales tool you require.
With the help of InsideView's lead enrichment software, your basic lead information (name, company, and email address) is transformed into comprehensive contact profiles that you can utilize in your outreach knowing that you have all the information necessary to strike up a conversation.
When you need to rapidly examine prospects to make sure they're still a suitable fit for your outreach, InsideView can be integrated with your Salesforce account and you can click through to company or decision-maker profiles directly from your Salesforce record. The most recent corporate news, as well as an organizational chart to check whether other team members have previously engaged with those at the target account, will be added to your records by InsideView.
Custom pricing based on needs.
Uses InsideView's database to add new information to your CRM records.
View org charts that detail the contacts your team has made.
View the most recent business news and updates.
Datanyze is a B2B contact data and enrichment solution that can help you increase the personalization of your sales and marketing. It connects to other sales tools and contains comprehensive decision-maker profiles in the database, just like the other products on this page. But the 'icebreaker' function is one distinctive element that sets it apart. Datanyze can help you learn more about a potential client by enhancing their profile and providing an opening line for a cold email that might work as an icebreaker. For instance, Datanyze will reveal to you that your prospect works for a business that was recently highlighted in TechCrunch so you have the ideal approach to start your email, demonstrating that you have done your homework for them.
When your prospect list is complete and ready, you can upload it to QuickMail or another sale or cold email platform to begin your cold outreach.
Starting at $21 per month.
View verifiable information on the potential customers you are aiming for.
To customize your emails, and find news and updates on prospects.
Complete social media profiles with accurate information.
One of the top suppliers of technological data is BuiltWith. It contains in-depth information on all the technologies and programs your target accounts use, from their CRM to their CRM platform. If you sell to businesses based on the technology they use (or don't use), BuiltWith is especially helpful. If you assist businesses with WordPress management, for instance, you may look for businesses that use WordPress and offer them your assistance. Alternatively, you might approach a business using a different CMS and convince them to switch to WordPress for the reasons you suggest.
No matter how specialized your industry is, there is a good possibility that the software your clients use will be in BuiltWith's database because there are over 58,000 technologies available to search within their database.
Another helpful option for your data enrichment needs is LeadsDiscovery. You can upload your lead list and filter it based on the amount of money spent on technology, the tools they use, or keywords. It's ideal if you need to order a list but don't yet have all the details you require on a prospect.
Starting at $297 per month.
Add information about a company's software and tools to your lead lists.
Connects to major programs including Zoho CRM, HubSpot, and Salesforce.
To reach out at the right time, and track when a company changes or adopts new technology.
With the help of the LeadGenius platform, you can enhance contact profiles on LinkedIn and in your CRM in addition to finding new contacts based on your buyer persona and targeting criteria. The LeadGenius extension will expose phone numbers, contact information, and more facts when you are browsing LinkedIn profiles so you can decide if someone is a suitable fit for your upcoming sales campaign. Instead of having to manually enter any information, you may automatically add leads and details to your CRM with all of the information you require.
Additionally, you can link it to your HubSpot or Salesforce CRM to add missing data and buying signals that your prospects have indicated to the CRM records, which will aid you and your team in enhancing the effectiveness of your outreach.
Free trial, price upon request.
Prospect data that is visible when using LinkedIn.
Enhance your current datasets to see all relevant information about prospects.
Dynamic database that uses current information rather than past data to offer information.
Best Practices for Data Enrichment
Encourage hybrid teams : It is better to leave data enrichment to the data analysts who are most knowledgeable about how they want to use the data in the current analytics, as it is frequently one of the final data transformation jobs. Anyone, programmer or non-coder, may enrich the data to their needs and create highly effective datasets with Datameer's hybrid SQL and no-code toolset.
Generate consistent results : A data enrichment operation needs to be carried out consistently and with the same outcomes each time. You may plan dataflows to run consistently with Datameer, and it will always perform the exact same functions and operations on the data, ensuring that the results are consistent.
Analyze the execution : You need to be able to determine whether the process has operated as intended. In order to achieve this, Datameer offers comprehensive audit trails of all data flows that have been run, as well as the opportunity to inspect and study the transformed data flows and their views.
Completeness and variety : Data can be supplemented in a variety of ways depending on the particular requirements of the analytics at hand. To assist with this, Datameer provides a comprehensive set of transformation functions that enable practically any type of data enrichment.
Generality : Any dataset should and could benefit from data enrichment. Any type of data enrichment may be applied to any dataset in your Snowflake data warehouse using Datameer's adaptable data transformation tool.
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